The Swiss government plans to launch a new financial regulatory body that would oversee the work of a number of existing agencies. The n...

The Swiss government plans to launch a new financial regulatory body that would oversee the work of a number of existing agencies. The new body would be called the Federal Financial Market Supervisory Authority and would encompass three public entities: the Federal Banking Commission, the Federal Office of Private Insurance and the Money Laundering Control Authority. According to the government, the new body's authority would carry more weight internationally than the current three distinct entities and will help improve the image abroad of Switzerland as a financial centre. Finma will be independent in both its operations and finances, but it will be answerable to the government and will, itself, be closely supervised. No further details at this time are known about the intended regulator.